All cryptocurrency markets are still in a relatively awkward place at this time. The Bitcoin price is not showing any real signs of life, although it remains above $7,000, for the time being. Some altcoins note some growth, with the Ethereum Classic price still going strong.
Ethereum Classic Price Momentum Remains Strong
Ever since the Coinbase rumors began to spread, there has been a lot of excitement regarding the future of Ethereum Classic. Although the exchange is in the final stage of testing compatibility, no official date for ETC trading has been announced. In anticipation of this development, the Ethereum Classic price is still on the rise, as its momentum remains rather strong.
Over the past 24 hours, the Ethereum Classic price has increased by another 4.37%. It is an interesting development, especially when considering how the Bitcoin price is still stuck in sideways trading momentum first and foremost. Now is a good time for altcoins to recover some of their lost value, albeit that is always much easier said than done under the current circumstances.
To compensate Bitcoin’s lack of momentum, the Ethereum Classic price is also fueled by the ongoing rise in the ETC/BC ratio. With a strong 4.49% increase in this regard, things are looking pretty good for Ethereum Classic. It also provides some excitement among cryptocurrency markets, as the rest of them are relatively flat, for obvious reasons.
The wait for additional fiat currency support across cryptocurrency markets is still ongoing. With a relatively low overall volume, it is all the more impressive to see Ethereum Classic note $240.89m in trades over the past 24 hours. THis volume further confirms people are quite keen on stocking up on ETC prior to it getting listed on Coinbase.
Until that listing takes place, OKEx retains its control on the ETC trading market. Its USDT pair and BTC pair are both in the top three, separated by BitForex’s USDT offering. Binance and Huobi add two more USDT trading pairs to the top five, further confirming there is no real fiat currency support to speak of. So far, that has not proven to be a problem.
As is always the case when the Ethereum Classic price rises in value one has to wonder when the momentum will turn around. Previous attempts at increasing its value have resulted in an equally steep correction. It is possible history will continue to repeat itself, although nothing has been set in stone just yet. Once the excitement regarding Coinbase calms down, the real challenge will commence.